Client
The client is a North American firm in the mortgage industry. They sought an efficient common securitization platform testing solution that would unify securities for secondary and private mortgage companies, reduce risks, and prevent future financial crises.
Challenge
Business challenge
- The mortgage industry standards were insufficient in mitigating risks for the client, particularly for subprime lending.
- The client sought to create a unified security for secondary and private mortgage companies to help prevent another financial disaster in the industry.
Testing challenge
- Real data from the source system was unavailable as the source systems were still under development.
- Different development teams were building multiple dependent internal components simultaneously.
- Frequent changes in the enterprise data model complicated the process.
What the client needed
The client needed a testing solution that would:
- Produce Mortgage Industry Standards Maintenance Organization (MISMO) files for common securitization solutions (CSS) and consume the response from the CSS.
- Enable participation of internal and external customers.
- Provide support for various business processes once the securitization moved to a common securitization platform.
Solution
Comprehensive Testing Coverage
Hexaware provided comprehensive testing coverage that included:
Data validations
- Profiling data from source systems using test data management (TDM).
- Mocking up data for all negative test scenarios to ensure robust coverage.
Data process
- Testing changes in the data capture process.
- Managing pre- and post-images of data relevant to the CSS.
Data standardization
- Conducting end-to-end testing for CSS MISMO formats.
- Ensuring an enterprise-wide common data format for the client’s internal systems after securitization.
Key Highlights
The solution:
- Involved 10 different source systems.
- Managed multiple file formats.
- Utilized TDM and mocked up test data.
- Collaborated with multiple agile teams.
- Implemented 5 program increments with 5 sprints per increment.
Benefits
- Rapid adaptation to evolving common securitization needs.
- 300+ hours saved.
- $30k saved through customer value-added services.
- 50% faster time-to-market with multiple agile teams.
- 60% reduction in person hours through automation.
- Adherence to high-quality standards throughout the process.
Summary
Hexaware’s role in common securitization platform testing for the client helped address challenges like incomplete source data, frequent model changes, and parallel development. Hexaware provided data validation, process testing, and end-to-end testing for CSS MISMO formats. The solution delivered a 50% faster time-to-market, a 60% reduction in person-hours through automation, and ensured quality standards, saving $30k through customer value-added services.
Unlock faster, safer securitization. Connect with Hexaware’s experts at marketing@hexaware.com to accelerate your mortgage platform testing.
